Apple introduced its iPhone 3G in July 2008 and within a month sales had topped 3 million units. By April 2009, more than 25,000 apps for the iPhone 3G were available in the iTunes store, an indication that in a competitive market
A) entry into the market is restricted in the short run, but becomes easier in the long run.
B) the ease at which a new firm can enter a competitive market is high.
C) entry into the market is blocked.
D) the ease at which a new firm can enter a competitive market is low.
B
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What is meant by producer surplus? How is producer surplus in a competitive market calculated?
What will be an ideal response?
There are possible policies that could significantly reduce income inequality but opponents argue that such policies would be likely to lead to
A. higher inflation. B. a reduction in unemployment. C. no impact on inequality. D. higher levels of economic growth. E. higher unemployment.
Using the quantity equation, if the velocity of money grows at 5 percent, the money supply grows at 10 percent, and real GDP grows at 4 percent, then the inflation rate will be
A) 19 percent. B) 15 percent. C) 11 percent. D) 6 percent.
The money market is linked to the goods market through the impact of interest rates on planned investment.
a. true b. false